The Loudoun Times-Mirror ran a story today entitled "The Skinny on Short-Sales". The article, written by Jason Jacks, goes over what a short-sale is, their pros and cons and how many there are in Loudoun County. I had the privilege of being interviewed for the story (thank you Jason), but it seems that I may have been misunderstood when going over the statistics.
In the article, I was quoted as saying, "about 30 percent of the sales [he's now seeing] involve distressed properties, with about half of those being short sales." That is incorrect.
Here's what the numbers show...
Almost two-thirds of all homes sold in Loudoun County are distressed properties (foreclosures/bank-owned and short-sales).
Short-sales make up almost 15 percent of all properties sold in Loudoun County and that number is steadily increasing.
Why are short-sales making up a greater and greater percentage of the homes sold in Loudoun County? I wrote a post about that over at LoudounForeclosures.com just the other day - "Percentage of Short-Sales Being Approved Increasing". Check it out when you have a chance.
Thank you again to Jason and the Loudoun Times-Mirror and sorry for the confusion.
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